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For business owners, investors and other high-income taxpayers, tax planning is a year-round process. These taxpayers must take steps to ensure that they remain current on their federal and state tax obligations, and they should implement tax strategies designed to minimize their liability to the greatest extent possible. In this article, Maryland federal tax attorney, Managing Partner of US International Tax Advisors, discusses some ways high-income taxpayers can—and should—plan to minimize their tax liability and avoid a tax audit in 2023.  

Maryland taxpayers must make quarterly estimated tax payments to the Internal Revenue Service (IRS) (and the Comptroller of Maryland) under various circumstances. While the most common scenario involves working as a sole proprietor or independent contractor, there are numerous other scenarios that can trigger an obligation to make quarterly tax payments as well. In this article, US International Tax Advisors provides an overview of the IRS’s quarterly estimated tax payment rules and the consequences of failing to file quarterly returns.